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Start saving for retirement immediately! Even a modest amount will add up in a hurry....

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Accounting

Start saving for retirement immediately! Even a modest amount will add up in a hurry. Jay decides to follow this advice and puts away 1% of his annual salary of $50,000 per year. This equates to $500 on his 21st birthday, and his salary will increase by 2% (on average) every year thereafter until Jay turns 60 years old. What is the worth of Jays account at age 60 when the annual interest rate on Jays account is 4% per year?

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